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The House Financial Services Subcommittee on Monetary Policy and Trade considered testimony on the future of cryptocurrencies, including the potential development of central bank digital currencies ("CBDCs"). The following witnesses testified at the hearing: Dr. Rodney J. Garratt, ...

President Donald J. Trump signed into law the bill to repeal the Consumer Financial Protection Bureau ("CFPB") regulatory guidance on auto-loan financing. The House of Representatives previously voted to withdraw the guidance using Congressional Review Act authority, and the bill was sent ...

The House of Representatives voted to withdraw the Consumer Financial Protection Bureau ("CFPB") regulatory guidance on auto-loan financing using Congressional Review Act ("CRA") authority. The Joint Resolution passed the House by a vote of 234 to 175 and was sent to the ...

SEC Commissioners Michael S. Piwowar and Hester M. Peirce (collectively, "Commissioners") disagreed with the SEC determination not to increase the $50 million offering limit set under Regulation A (also known as the "Tier 2 limit"). The Commissioners advocated for further ...

The House Committee on Financial Services (the “Committee”) has been engaged in active oversight of the Bureau of Consumer Financial Protection (“CFPB”) on a range of matters within the Committee’s jurisdiction. The CFPB hampers the Committee’s legislative and oversight efforts with its refusal to ...

By a vote of 231-190, the United States House of Representatives voted to approve a joint resolution (see previous coverage) to block the arbitration rule adopted recently by the Consumer Financial Protection Bureau ("CFPB"). The CFPB rule restricts mandatory arbitration clauses in ...

Republicans in the House and Senate introduced resolutions to nullify the final "arbitration rule" that was adopted recently by the Consumer Financial Protection Bureau ("CFPB"). The resolutions were issued pursuant to the authority granted by the Congressional Review Act (the ...

The Consumer Financial Protection Bureau ("CFPB") issued a new rule that restricts mandatory arbitration clauses in certain consumer financial contracts. The final rule was adopted without the addition of any substantial changes since the first version was proposed by the CFPB in 2016 ...

House Republicans released the Financial CHOICE Act of 2017. The bill is an update of the CHOICE Act of 2016. The new version represents a major overhaul of the current financial services regulatory regime including a partial repeal of Dodd-Frank. In September 2016, the House Financial Services ...

House Financial Services Committee Chair Jeb Hensarling (R-TX) and Representative Roger Williams (R-TX) called for the passage of the Financial CHOICE Act, which they said would (i) rein in the CFPB, (ii) establish the "toughest penalties in history" for certain financial crimes and (iii) ...

The Consumer Financial Protection Board (the "CFPB") issued its ninth semi-annual report. The Report is intended to highlight the agency's accomplishments, which, according to the CFPB, were primarily as follows: $44 million in compensatory payments made by financial institutions to ...

Representative Jeb Hensarling (R-TX) was elected to a third term as Chair of the Financial Services Committee. Mr. Hensarling stated that: "As chairman, I look forward to working with the incoming Trump Administration to advance bold and ambitious solutions that will help make America better, ...

House Committee on Financial Services Chair Jeb Hensarling asserted that the Consumer Financial Protection Bureau ("CFPB") must comply with certain Executive Orders in light of the recent U.S. Court of Appeals opinion in PHH Corp. v. Consumer Financial Protection Bureau. In that case, the ...

The House Financial Services Committee (“FSC”) examined the SEC's agenda, operations and fiscal year 2017 budget request at a hearing held on November 18th. FSC Chair Jeb Hensarling (R-TX) urged the SEC to (i) simplify the disclosure regime and stop requiring “political disclosure”, which ...

The House Financial Services Committee held a hearing titled "The Dodd-Frank Act Five Years Later: Are We More Free?" This is the third installment of the Committee's five recent hearings on the Dodd-Frank Act. Committee Chair Jeb Hensarling (R-TX) opened the hearing by asserting ...

At a full committee hearing of the Federal Housing Finance Agency ("FHFA"), House Financial Services Committee Chair Jeb Hensarling (R-TX) delivered an opening statement in which he asserted that, through the FHFA, Washington is repeating the same mistakes that caused the financial crisis ...

The House Financial Services Committee reelected Jeb Hensarling (R-TX) as its Chair for the 114th Congress. This will be Representative Hensarling's second term heading the Financial Services Committee. Additionally, Chair Hensarling selected the subcommittee chairs for the Financial Services ...

The SEC, the Board of Governors of the Federal Reserve System ("FRB") and the Department of Housing and Urban Development ("HUD") voted to adopt the final Credit Risk Retention Rule. The rule was adopted on October 21, 2014 by the Federal Deposit Insurance Corporation (&quot ...